Altus Municipal Authority approves $2M loan

The Altus Municipal Authority held a special meeting Tuesday, July 14 at 6:30 p.m. in Council chambers.

The meeting was held to discuss and vote to approve a resolution authorizing the Altus Municipal Authority to issue its Electric System Revenue note in an amount not to exceed $5,530,000, waiving competitive bidding and authorizing the note to be sold on a negotiated basis. This will also approve and authorize execution of an indenture authorizing the issuance and securing the payment of the note, provide that the organizational document creating the Authority is subject to the provisions of the indenture, ratifying and confirming a lease, as amended by and between the City of Altus, and the Authority pertaining to the City’s electric system. This is also establishing the Authority’s reasonable expectation with respect to the issuance of tax-exempt obligations by the Authority in calendar year 2015, and designating the note as a qualified tax-exempt obligation, authorizing and directing the execution of the note and other documents relating to the transaction, including professional service agreements and containing other provisions relating thereto.

Council voted unanimously to accept a nine year loan in the amount of 2.09 million dollars, that will be indicated in resolution number 2015-28.

The AMA also considered, discussed and voted to authorize staff to purchase capital items per a provided list. Further authority approval will only be necessary if the actual amounts vary from estimates more than 20 percent per item or there are any changes tot he list, and/or take any other appropriate action. In this matter, approval was granted.

City Council held a special meeting immediately following the AMA meeting at which approval was granted to the two above mentioned, companion items. Discussion of the City of Altus available revenue/financing options which include sales tax, property tax and AMA transfers, was tabled until a later date.

Reach Tinita at

comments powered by Disqus